Corn Giving Back All of Friday’s Gains on Monday
Corn futures are down roughly 7 cents per bushel across most delivery months this morning. Futures closed 6 to 7 cents higher on Friday, so this is a “fade” after failing to close a chart gap from the July 4th weekend. Preliminary open interest on Friday was up 10,834 contracts, indicating the short covering was limited, with some fresh longs. The CmdtyView national average new crop Cash Corn price this morning is $3.78.
Commitment of Traders data showed managed money covering some shorts in the week ending on July 15, with their net short down 29,106 contracts to 174,755 contracts. Commercials added 10,113 contracts to their net short position to 40,294 contracts.
This morning’s USDA Grain Inspections report indicated 983,625 MT were inspected for export in the reporting week ending July 17. That was down slightly from 991,257 MT a year ag0, and well off of the updated 1.314 MMT shipped the previous week. The YTD inspections total 58.718 MMT (~2.315 billion bushels), up 28.9% from a year ago at the same time.
Sep 25 Corn is at $4.01, down 7 1/2 cents,
Nearby Cash is at $3.87 1/4, down 7 1/2 cents,
Dec 25 Corn is at $4.20 1/2, down 7 1/4 cents,
Mar 26 Corn is at $4.37 3/4, down 7 cents,
New Crop Cash is at $3.78 3/4, down 7 1/4 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.